TORONTO, ONTARIO--(Marketwired - Oct. 1, 2013) - BioExx Specialty Proteins Ltd. ("BioExx") (TSX:BXI), today announced that, after consideration of the available alternatives, its board of directors (the "Board") has determined that it is in the best interest of stakeholders of BioExx and its wholly-owned subsidiary, BioExx Proteins of Saskatoon Inc. (BioExx and BioExx Proteins of Saskatoon Inc., collectively, the "Company"), for the Company to commence proceedings under the Companies' Creditors Arrangement Act (the "CCAA").
Accordingly, the Company today applied for and obtained an order (the "Initial Order") from the Ontario Superior Court of Justice (Commercial Division) (the "Court") under the CCAA. The Court has granted CCAA protection for an initial period expiring on October 31, 2013. While under CCAA protection, creditors and others are stayed from enforcing any rights against the Company.
Pursuant to the Initial Order, BDO Canada LLP has been appointed as monitor in the CCAA proceedings.
Trading of the Company's common stock on the Toronto Stock Exchange has been halted, and the Company anticipates that the trading halt will remain in effect pending delisting of the common stock.
About BioExx Specialty Proteins Ltd.
Headquartered in Toronto, Canada, BioExx is focused on the separation of oil and high-value proteins from oilseeds for global food, beverage, nutrition, and other markets. To find out more about BioExx Specialty Proteins Ltd. (TSX:BXI), please visit www.bioexx.com.